Independent fiduciary services provider Walbrook Group has established its first overseas operation ...
Independent fiduciary services provider Walbrook Group has established its first overseas operation following the acquisition of Deloitte's Hong Kong trust business.
The move represents significant expansion for Walbrook, which has already seen its revenues increase by more than 25% in the past two years.
It hopes a physical presence in China will facilitate new business opportunities both there and in the wider Far East region, while also strengthening its ability to service its international clients.
Bryan Dix, group chief executive of Walbrook, said expansion into Asia was a key element in the group's growth strategy and the transaction, which is subject to regulatory consent by the Guernsey Financial Services Commission, would provide significant new business opportunities.
Dix said: "This is a tremendous opportunity for Walbrook. Hong Kong has both a mature trust market and a sophisticated, entrepreneurial demand for trust services, which until now has been dominated by banks. We believe there is room for a credible, independent alternative."
He confirmed that Peter Wong, who was a partner in Deloitte with responsibility for part of its trustee service, has also joined the group as chairman of Walbrook Trustees (Hong Kong).
Dix added: "This is an enormous advantage in terms of developing relationships and achieving our business objectives."
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